Building cash then financing to 75% of appraised value?

[Wade Stahle]

Hi BP,

I am a licensed contractor here in Alaska looking to build myself a duplex with lots of sweat equity. Lets say I can build it all CASH for $100,000 and it appraises $200,000. If I wanted to refinance this into a loan (to preserve my liquid capital) would the bank lend the 75% of what I put into it or 75% of the appraised value??? If they lent on appraise value wouldnt I walk away with more cash in my pocket???